Investment mogul Warren Buffett has faced criticism from the crypto community for his negative views on cryptocurrencies. Prominent critic of cryptocurrencies Peter Schiff has come out in support of Buffett and in a recent tweet criticized journalists and entertainers whom he believes have been too quick to dismiss the investment opinions of Buffett, widely regarded as one of the most successful investors of all time.
Schiff's comments were directed at the "Bitcoin shills" who work for CNBC, accusing them of being unanimous in their condemnation of Buffett's skepticism toward BTC.
Buffett has been vocal in his criticism of cryptocurrencies, particularly Bitcoin. He has called cryptocurrency trading a gamble and stated that he would not buy 100% of the BTC supply even for $25. The reason for his skepticism toward cryptocurrencies, according to Buffett, is that they do not produce anything.
Buffet is against gold, too
However, it is interesting to note that Buffett holds similar views on gold, a commodity that Schiff is known to be a big proponent of. While Buffett recognizes gold's industrial and decorative usefulness, he does not believe it to be a great benefit or procreative. Schiff, on the other hand, sees gold as a superior alternative to holding fiat currency.
I agree with him. Gold is not an investment, it's money. Buffett prefers gold in a vault to paper dollars stuffed under his mattress.— Peter Schiff (@PeterSchiff) May 8, 2023
Despite the difference in opinion, Schiff seems unfazed, stating on Twitter that he agrees with Buffett's preference for buying good businesses over gold as a long-term investment.